Let’s be honest – getting older has its perks! Boundless wisdom, free time to spend with family and friends, and who can deny the small pleasure of those “senior citizen” discounts? (Half-price movie tickets are nothing to scoff at.)
Yet advanced age also comes with great responsibility, least of which is the question of what will happen to your home and belongings at the time of your passing.
With a reverse mortgage loan, in the event of your death, what will become of your humble abode?
Thanks to the flexibility and ease of a reverse mortgage loan, you can rest easy. Here are the options for what will happen to your home in the event of your passing:
Sell the home
In the event of your death, your heirs are free to sell the home! After closing and loan costs have been paid, heirs have the benefit of keeping any capital gain from the sale.
Pay off the loan
Your home is the source of many happy memories, so it’s only natural your heirs may want to hold onto it. To retain ownership of the home, your heirs have the choice of either paying off the remaining balance on your loan, or refinancing the home. The best part? Since it’s a non-recourse loan, your heirs will not have to pay more than 95% of the home’s appraised value, even if the loan balance exceeds the value of the home!
They’re your greatest achievement and your pride and joy – the last thing you want is to leave them with undue burden. Thanks to the flexibility and ease of a reverse mortgage loan, you can spend your golden years in peace – at the time of your passing, your heirs’ only burden to carry will be the lasting weight of
the happy memories you’ve left behind.
Are you ready to discuss the life-changing freedom of a reverse mortgage loan? Call to today to speak
with one of our trusted financial advisors – your peace of mind is our calling.